More Singapore money is going plastic.
The Monetary Authority of Singapore (MAS), the central bank, said
that two-dollar polymer, or plastic, notes will be issued from
January 12.
Their introduction comes after the first batch of 10-dollar plastic
notes began circulating in May last year.
Positive feedback about the 10-dollar note led the MAS to also
introduce the two dollar purple-coloured denomination in plastic
form, Philip Woo, MAS's deputy director of notes and securities,
told reporters.
"The 10-dollar polymer note was successful. The public liked it and
the response was favorable," Woo said, adding that plastic notes
are more cost effective because of their longer life span.
A plastic note is expected to last three to four times longer than
a paper note, Woo said.
Since the introduction of polymer notes last year, Singapore has
joined countries including Australia, New Zealand, Malaysia, Brunei
and Indonesia which already use plastic money.
Asked about future plans for plastic notes Woo said, "We are very
confident moving forward" but added that the MAS does not have a
definite time plan for a full conversion of paper to plastic.
"We are going to see how it goes. It will be done in phases and I
can't set a time frame," he said.
Paper two-dollar notes will continue to circulate and be legal
tender, MAS said.
